In the worldview of Geithner and like-minded economists, credit, rather than savings, is the central figure in the economic equation. Therefore, he sees anything that eases the process of lending to be an effective economic policy. With such a view in mind, the centerpiece of Geithner’s plan is the commitment of up to $1 trillion to revive the collapsed market for securitized debt. In the lead up to the Crash of 2008 securitization, more than anything else, permitted Americans to borrow more than they had ever borrowed before. FULL ARTICLE
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4 comments ↓
Opening salvo in the complete destruction of our economy, that is. Maybe it’s good, he’s just speeding up the inevitable!
FTA:
“To restore prosperity, credit (derived from savings rather than a printing press) must flow to producers. Greater liquidity for business will lead to legitimate job creation, increased production, and rising living standards. By further encumbering the economy with burdensome regulation, and by transferring business decisions to vote-seeking politicians who will bail out the irresponsible, reward failure and punish success, the government will create a society destined for misery.”
That about sums it all up in my mind. Rewarding bad business will only give us more and more economic problems. Why do people want to use hundreds of billions in public money to keep these awful corporations in business?
Isn’t that fascism???
“I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic; inasmuch as it is calculated to raise around the administration a moneyed aristocracy dangerous to the liberties of the country.”
–Andrew Jackson
Mr.Schiff has hit a bullseye..as much as washington and the fear mongering house,senate and white house push and shove thier ideas and fiscal plans down our throats…credit for anyone,as the author said can’t be made out of thin air. A funny thing about the financial czars there are in the Obama fiscal commission group…there isn’t anyone like a Mr.Schiff,or a Steve Forbes…i wonder if it’s because the Adminstration or anyone in the Treasury Department doesn’t want to hear let alone to see the truth…see…everything is “Normal” in washington,dc
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